Spain Housing November 2017

Spain: Housing permit growth remains buoyant in Q4

January 31, 2018

The Spanish Board of Architects (Colegio de Arquitectos Técnicos) granted 6,606 new construction permits in November, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was above the 5,945 permits approved in November of the previous year but below the 7,395 permits approved in October. On an annual basis, permits rose 11.1% in November, which was below the 38.0% increase recorded in October.

The moving three-month sum of permits totaled 20,713 in November, which represented a 27.3% increase from the same period last year. The figure followed October’s 38.5% expansion. However, the current number of permits represents a mere fraction of the 268,266 permits that were granted during the July–September 2006 peak.

Author:David Ampudia, Economist

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Largely reflecting faster growth in the services sector, the IHS Markit composite Purchasing Managers’ Index (PMI) rose to 52.6 in August from 51.7 in July, which had marked the lowest print in nearly six years.

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